Account Management
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      Account Management Requests | Frequently asked questions (FAQs)

      Common FAQ for Account Management

      My client is turning 71. Does their Registered Retirement Savings Plan (RSP) account automatically convert into a Registered Retirement Income Fund (RIF) account?

      Yes, their account will automatically roll over. However, the account will still need to go through the account opening process to properly document the account. The automatically generated account must then be transferred into the newly created accounts.

      My client is turning 71. Does their Spousal RSP account automatically convert into a Spousal RIF account?

      Yes, their account will automatically roll over. However, the account will still need to go through the account opening process to properly document the account. The automatically generated account must then be transferred into the newly created accounts.

      My client is turning 71. Does their Locked-In Retirement Account (LIRA) automatically convert into a Life Income Fund (LIF) account?

      Yes, their account will automatically roll over. However, the account will still need to go through the account opening process to properly document the account. The automatically generated account must then be transferred over into the newly created accounts.

      How do I move a client's accounts to a different Rep ID?

      Please reach out to your portfolio manager for this type of request. 

      My client signed transfer forms when opening their account. Will these be automatically initiated when the account is opened?

      An Add funds - Initiate a transfer service request must be submitted. This will initiate the transfer form that was signed in the onboarding package. To learn how to submit the initiate a transfer request, read this article.

      Does Optimize open margin accounts?

      Yes we offer margin accounts at Optimize. Ask your portfolio manager for more information.

      What account types can I open at Optimize?

      CAD Cash, USD Cash, CAD margin, USD margin, In trust, TFSA, FHSA, RRSP, Spousal RSP, RIF, Spousal RIF, LRSP, LIRA, RLSP, LIF, LRIF, RLIF. PRIF, RESP, RDSP, Corporate.

      What is considered valid identification when opening an account for a client?

      • Drivers License
      • Passport
      • Citizenship Card (prior to 2012),
      • Foreign Passport 
      • PR Card
      • Indian status card 
      • Nexus card

      Can I open an account for a client if they don't have a form of valid photo identification?

      If the Identity was not verified in person, then verify the following:
      • The picture or scan of the identification is clear, complete, and easily legible
      • The Identification documents are derived from the following approved lists:

      • One document from the below list to verify the Client's Name and Address
        • CPP Statement
        • Property Tax Statement
        • Provincially issued Vehicle Registration CRA Documents
        • Notice of Assessment
        • Installment Reminder
        • GST Refund Letter
        • Utility Bill
        • T4 Statement
      • EITHER one of the below documents to verify their Name and Date of Birth:
        • Any Card or Statement issued by a Canadian Government Body
        • CP Statement of Contribution
        • Original Birth Certificate
        • Marriage Certificate
        • Divorce Documentation
        • Permanent Residence Card
        • Temporary Drivers License (Non-Photo)
        • Referring to a Credit File within the last 6 months
        • Insurance Documents for Home, Auto, and Life Identification Product form a Canadian Corporation.
      • OR one of the below documents to verify their Name and Address:
        • Credit Card Statement
        • Bank Statement
        • Loan Account Statement
        • Identification from Canadian Credit Bureau

      The DocuSign link that my client was sent has expired. How can I have that re-sent?

      To generate a new link, open the DocuSign page and click "generate a new link"

      How do I change the Primary Account Holder on a jointly held account?

      Please email service@optimize.ca for this type of request.

      How do I remove a deceased individual as an account holder on a jointly held account?

      You cannot removed a deceased individual from a jointly owned account. You must open an individual account of the same type, and submit an estate processing request

      How can I tell if my client has signed the New Account Application paperwork?

      Please refer to this article to learn how to monitor New account requests. 

      How do I cancel a new account application request?

      Please email service@optimize.ca.

      Do the beneficiaries on a Family RESP have to be siblings?

       In a family plan, all beneficiaries must be related, by blood or adoption, to the plan subscriber, such as grandchildren, great-grandchildren, brothers or sisters.

      How do I cancel or correct a settled transaction in a clients account?

      Refer to this article.

      How do I Reset My Password or Create an Account?

      To reset your password please refer to this article 

      To Create an account, please reach out to service@optimize.ca

      How to request an account closure?

      Please refer to this article

      Trustee for Minor beneficiary

      Funds allocated to a child must be received by a trustee on the child's behalf and either invested for the child's benefit until they reach the age of majority or used to purchase an annuity, if desired. 
      If no trustee is named and no guardian is appointed by the court, the funds will be deposited with the court to be managed by a provincial government agency (in Ontario, this is the Accountant of the Superior Court of Justice).

      Can I open a TFSA account or a Cash account if I'm a US resident?

      Clients who are residents of the United States are not eligible to open TFSA or Cash accounts.

      Can I have two addresses on my RESP?

      It's not possible to add two addresses to an RESP account.

      In cases of divorce/separation:

      The first option is to create two separate RESPs with the same beneficiary (ies), each with the different subscriber. The contributions, income earned, and grants must be divided proportionally.

      The other option is to suggest that one of the two subscribers assign his or her rights to the other subscriber (e.g. change the subscribers from Mister and Madam to Mister only). In that case, the new subscriber is considered to have made all of the contributions to the plan.

      How do I reset my Compass or My Portfolio Plus Password?

      To reset your password for Compass or My Portfolio Plus, please call 1-855-322-9389

      What additional information is needed when opening an ITF (In Trust For) account?

      When opening an ITF account, the following additional information for the beneficiary is required:

      • First Name
      • Last Name
      • Date of Birth (DOB)
      • Social Insurance Number (SIN)
      • A valid Photo ID

      Can a co-subscriber be added to an existing RESP account?

      Adding a co-subscriber to an existing RESP is not possible. However, you can open a new RESP account and transfer the funds from the current account to the new one.

      Transfers between RESPs can be made without resulting in any tax in the following cases:

      • there is a common beneficiary under the transferring plan and the plan receiving the transfer; or
      • a beneficiary under the transferring plan is a sibling of a beneficiary under the receiving plan and either:
        • the receiving plan allows more than one beneficiary under the plan; or
        • in any other case, the beneficiary under the receiving plan was under 21 years of age at the time the receiving plan was entered into.

      What forms are required to initiate a transfer from a Defined Contribution Pension plan to an Optimize LRSP?

      The required form is T2151 to initiate a transfer from a Defined Contribution Pension Plan to an Optimized LRSP. You can access the T2151 form using the following link. Additionally, please confirm with the relinquishing institution, as they may have a specific form required for the pension transfer.

      Does a Model Change ticket automatically sell non-core/legacy securities in an investment account?

       
      A Model Change ticket will not automatically sell non-core/legacy securities (non-Optimize funds) in an investment account. These securities will remain in the account unless a separate manual request is submitted.

      To sell non-core/legacy securities and allocate the resulting funds into the appropriate Optimize model, you will need to access the client's Contact page on HubSpot.

      From there, navigate to the "Servicing" tab and select the "Trading" request option. Specify the non-core/legacy securities you wish to sell and select the "Invest in Model" option to submit a request to allocate the proceeds into the appropriate Optimize model.